Bally’s completed its acquisition by Standard General at an enterprise value of $4.6 billion. Following the transaction, Standard General, Bally’s largest stockholder prior to the transactions, owned approximately 74 percent of Bally’s outstanding common stock.
As part of the transaction, Bally’s combined with The Queen Casino & Entertainment, a U.S. regional gaming, hospitality and entertainment company that was majority-owned by affiliates of Standard General.
Bally’s is a global casino-entertainment company, owning and operating 19 casinos across 11 states, a golf course in New York and a horse racetrack in Colorado. Bally’s also holds online sports betting licenses in 13 states and owns a sports betting platform and a growing iCasino platform.
The S&C team advising the special committee of the board of directors of Bally’s included Scott Miller, Lauren Boehmke, Charlie Wowk and Nicole Jiang. Neal McKnight and Joyce Kwok advised on financing matters. Davis Wang and Sizhuang Miao advised on tax matters. Julia Paranyuk advised on executive compensation matters. Brian Frawley advised on litigation matters. Nick Menillo advised on D&O insurance matters.